Commercial manufacturing varies from business to business, and the nature of each type revolves around the size of the company, the types of goods being manufactured, and who is receiving said goods. A common theme that spans all commercial manufacturing businesses is the need for protection against injuries on the job, lost or damaged inventory, fires, automobile accidents, equipment damage or malfunction, and much more. This is a quick guide on business commercial manufacturing, as well as why insurance is necessary for it.
What Is It?
Business commercial manufacturing is the production of goods and products on a massive scale. Insurance for commercial manufacturing often includes property/equipment coverage, liability, automobile insurance, worker’s compensation coverage, and even protection in lawsuits.
Who Is It For?
This type of insurance is specifically designed for businesses that specialize in commercial manufacturing. Businesses in fields such as canning, fabricating, printing, tool making, household goods, furniture making, and much more are perfect for this specific type of insurance.
How Does It Work?
When your business suffers an accident or a loss, insurance can be the difference between having to take a huge financial hit for the misfortune and resuming business as usual with relative ease. If your business experiences a major accident or liability incident without existing coverage at the time of the occurrence, both your business and reputation could be at stake.
The most basic form of commercial manufacturing insurance is a BOP (business owner’s policy) which is designed to cover liability, loss of income, and other possible mishaps. Likewise, extra forms of insurance can be purchased including worker’s compensation, automobile insurance, etc.
One of the most primary benefits of maintaining insurance for your commercial manufacturing business is peace of mind in knowing you’re protected from whatever curve balls life might throw at you. Accidents can cost anywhere from hundreds of dollars up into the five, six, or even seven-figure range. In an industry such as commercial manufacturing, you cannot afford to take the risk of operating without insurance. Furthermore, your business’s image will be protected in the event of a major incident on the job.